Capital Gain on sale of immovable property

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Anoop Agarwal (Querist)
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11 July 2023 Dear Sirs,
I have query regarding sale of my ancestral house. My father brought house (RCC constructed) in 1989 and I sold it as a plot in year 2022 after demolishing the house. Size of plot was 1500 sq ft. Sale value was calculated as per local guideline value (government rate/SFT) of plot because buyer has purchased plot.

FMV as per registrar guideline in April 2001 for plot was Rs. 450/SFT and RCC house was Rs. 750/sft.

How capital gain with indexation will be calculated i.e. considering plot guideline of 2001 or house guideline. Do I need to consider house value somewhere in this calculation.

Also do i need any certificate from govt. authorized surveyor for FMV of 2001, I got the value mentioned above through PDF file online that was published to help tax practitioners in 2001 time
Please help
Thanks in advance

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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12 July 2023 1. Consider the cost of the house as on 1989, or FMV of plot as of 2001, whichever is higher.
2. Get the circle rate of plot as of 2001, from sub-registrar office or published online.

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